Why did Bitcoin rise in 2017 (Reasons for Bitcoin’s sharp drop in 2017)
Why did Bitcoin rise in 2017? Why did the price of Bitcoin continue to rise duri
Why did Bitcoin rise in 2017? Why did the price of Bitcoin continue to rise during the bull market? According to statistics, the total revenue in 2017 was 2 trillion, of which nearly 300 billion yuan was generated through mining, and the current annual income is only over 1,000 times.
In the second half of 2017, with the development and maturity of the cryptocurrency market, the price of Bitcoin also experienced significant changes. At the end of 2017, due to the impact of the COVID-19 pandemic on the economy, the turmoil in the global financial market caused investors to suffer heavy losses. A whole year has passed since the beginning of 2018, but Bitcoin maintained a strong upward trend at the end of 2017. Bitcoin started to gradually rise in the middle and late 2017 and reached a historical high of $17,100 in the first quarter of 2019. Since 2016, Bitcoin has increased by more than 50%. The rate of increase has accelerated significantly from 2015 to the present. In 2017, it achieved a growth rate of over 30% and reached a peak in November 2017.
Reasons for Bitcoin sharp drop in 2017
Editor’s Note: This article is from Odaily Star Daily and is authorized to be reproduced.
After experiencing a bear market in 2017, Bitcoin (BTC) once again experienced a decline in price. As of the time of writing, the price has dropped by more than 70%. Since then, Bitcoin has been oscillating at a low level until May 19, 2017, when Bitcoin broke through the $7,000 mark for the first time and hovered around $7,360.
According to analyst “Coindesk”, the price of Bitcoin has dropped from over 30,000 to about 4,000 since the beginning of 2017. At that time, the market sentiment was bullish, but it did not mean that no one was willing to buy more, because people did not understand why it fluctuated so violently. More importantly, many traders even believed that Bitcoin was a scam, “Do you think it can become the next gold?” Bitcoin is now facing the third major adjustment. On Friday (August 16th), the closing price of Bitcoin will be maintained in a new range, between $6,900 and $7,450. (Note: the last time Bitcoin crashed was at the end of 2018 or in mid-2019)
However, as the price of Bitcoin continues to rise, some industry insiders are concerned about the halving of Bitcoin. “I do think that when Bitcoin reaches a new all-time high and starts to rebound, this panic will appear,” an anonymous investor told Bloomberg. “If such a situation occurs, it may further decline in the price of Bitcoin and continue to fall.”
Bloomberg analysis states, “Due to the significant reduction in Bitcoin’s supply recently, its price has risen too fast. So we see more institutions and retail investors entering it, trying to gain greater profits by holding Bitcoin.” In addition, other factors may also affect the current trend. For example, the U.S. Securities and Exchange Commission announced on November 27 that it will launch a digital currency custody service called BitGo, Bain Capital, a risk capital fund under the Canadian investment company BlackRock, and Genesis Mining, a cryptocurrency asset management company, will cooperate to establish a new business department to support the development of blockchain technology. In addition, Jay Clayton, the chairman of the U.S. Securities and Exchange Commission, said on Wednesday that he expects Bitcoin to reach over $20,000 in the next few quarters, not $100,000.
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